Buhari Seeks Fresh $5.513bn Loan To Finance Revised 2020 Budget

Buhari Seeks Fresh $5.513bn Loan To Finance Revised 2020 Budget

Oluwafemi Fasoyin, Lagos

President Muhammadu Buhari seeks approval of fresh external borrowings totalling $5.513bn from the House of Representative.

At the Plenary on Thursday, Speaker of the House of Representatives, Femi Gbajabiamila, read a letter requesting to borrow a sum of $5.513 billion from external sources to finance the revised 2020 appropriation and support state government meet their challenges occasioned by COVID-19.
The letter stated that $3.4 billion of the money is to come from the International Monetary Fund, $1.5 billion from the Works Bank, $500 million dollars from the African Development Bank, while the Islamic Development Bank is to provide  $113 million.

However the loan request was referred to the House Committee on loans and Debt for consideration.

Recently the National Assembly approved a loan of N850bn for the Federal Government, while another of $22.79bn, which the Senate has already approved, is pending before the House.

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